The metaverse can be described as a virtual world. Using new-age technology, including virtual reality, blockchain, and augmented reality, the metaverse offers its users an immersive experience using VR/AR Gear. With an exponential growth rate, predictions have gone as far as to say that the metaverse could be worth over $5 trillion by the decade’s end. So if you are wondering how to make money in the metaverse, you must first learn exactly what it is.
The metaverse concept, as it is referred to today, was introduced by Facebook in late 2021 as part of its rebranding into Meta. But many tech giants are contributing to the development of the metaverse today. These include companies such as Google and Microsoft investing heavily in the metaverse. Consequently, other companies and brands have followed their lead and entered the metaverse. This has led to creating of a virtual economy within the virtual world.
Naturally, where there is an economy, there is an opportunity to earn.
Most people are unaware that anybody can make money in the metaverse, which is simpler than you think. This article will tell you how to make money in the metaverse without formal tech training!
How to Make Money in the Metaverse – Five Great Options
How to make money in the Metaverse: Option 1 – Play-to-Earn Games!
Until now, you have always had to pay money to play games, whether at a gaming arcade, a gaming console, or a mobile game on your phone. So how to make money in the metaverse by playing games? You can play games in the metaverse to earn cryptocurrency (and sometimes digital assets). These are blockchain games where you earn rewards as you progress and complete levels.
How to make money in the Metaverse: Option 2 – Be a Tour Guide!
Being in the metaverse is a fantastic experience, but it can be overwhelming for new users to navigate the virtual world. The metaverse is quite vast, and with the staggering growth and development rate, finding your way is challenging. However, if you are a regular metaverse user, chances are you are familiar with the world and are known as an explorer. So how to make money in the metaverse if you have that knowledge?
Well, you can earn money by becoming a tour guide! You would be required to show new users around and handle tours to the main metaverse attractions, and in exchange for your services, you can charge money.
How to make money in the Metaverse: Option 3 – Real-Estate Agents!
Like the real world, a property can be sold, bought, or rented out in the metaverse. The virtual property was one of the first assets marketed in the metaverse, and over the past year, the demand for real estate in the metaverse has grown exponentially. As a result, it has created a massive demand in the metaverse for real estate professionals, especially agents. And how to make money in the metaverse as a real estate agent?
If you’ve ever handled real estate transactions, you can use those skills to carry out real estate deals in the metaverse. With your transferrable skills and a little homework toward understanding the metaverse market, you can make big bucks as a virtual real estate agent!
How to make money in the Metaverse: Option 4 – Event Management!
Since the metaverse is currently in the growing phase, stakeholders regularly conduct events such as concerts by live artists to gain more traction. If you are familiar with the metaverse and its workings, you can work at conducting and managing such events for companies and other stakeholders.
The earning potential in event management is vast because event organizers charge for the tickets, and most shows in the metaverse attract a large audience. Additionally, artists are now also working directly in the metaverse. For instance, David Guetta hosted a virtual DJ party earlier this year in the metaverse. Therefore, you can multiply your earnings by directly offering your event management services to artists!
How to make money in the Metaverse: Option 5 – Marketing!
If you’re skilled at sales and marketing, a great earning option for you in the metaverse is to use those skills and work for brands working on building a presence in the virtual world. Marketing strategies in the metaverse are significantly different from those of this world; hence companies want people who understand the virtual world.
With your knowledge of the metaverse and its experiences, you can provide valuable insight to companies desirous of establishing their virtual presence. Additionally, if you have the required skills, you can help develop more effective marketing strategies in the metaverse.
Q1: How to make money in the metaverse with real-world skills?
Most real-world skills can be translated to the metaverse. However, being a virtual platform, technical skills such as 3D modeling & design, blockchain, VR/AR development, data analytics, etc., are in high demand.
Q2: What is the currency used in the metaverse?
Each metaverse has its virtual currency; for instance, the Mana Token is the currency used in Decentraland, while SAND Tokens are used in the Sandbox. However, most real-world currencies and cryptocurrencies work in the metaverse.
Q3: Will I have to pay taxes on my metaverse income?
The metaverse does not currently manage income regulation, and all those earning through the platform will be subject to their local tax laws and regulations. If virtually earned income is taxable in your jurisdiction, you will probably be required to pay tax on your metaverse income.
The metaverse has opened up a new world of possibilities. As a new platform, the metaverse is full of opportunities for those willing to take advantage of them. This includes endless earning opportunities. The above options are pathways open to anyone wondering how to make money in the metaverse. However, with a little effort, you can open up numerous other ways to make big bucks in the metaverse.